Economic gains must show in Nigerians’ lives — CIBN

Nigeria’s improving macroeconomic indicators will amount to little if they failed to translate into lower living costs, more jobs, higher incomes and better living standards for citizens, the President and Chairman of Council of the Chartered Institute of Bankers of Nigeria, CIBN, Dr. Dele Alabi, has said.

Alabi spoke yesterday at the opening of the 19th Annual Banking and Finance Conference of the CIBN in Abuja, where he said the ultimate test of Nigeria’s economic reforms should be their impact on households, businesses and the daily lives of ordinary Nigerians.

It will be recalled that economic experts had said repeatedly that though the nation’s economy is stabilising and witnessing growth, it is not reflecting in the lives of the people currently facing harsh economic conditions.

The CIBN President said: “They are milestones, not the destination. The true test is whether stronger fundamentals translate into lower living costs, more jobs, higher real incomes, affordable credit, reliable public services and reduced poverty.

“Macroeconomic progress must, therefore, be felt at the micro level in households, small businesses and the daily lives of ordinary Nigerians. Our task is to build systems that learn, adapt and emerge stronger.”

He said the next phase of Nigeria’s economic reforms must focus on transmitting the gains from macroeconomic stability to businesses and households.

Alabi further said the CIBN’s conference was designed to give practical expression to the institute’s IMPACT Vision, which he unveiled on assuming office in May this year.

He said the institute’s advocacy for scalable SME hubs across the country is a practical response to challenges confronting micro, small and medium enterprises, MSMEs.

According to him, MSMEs continue to face high operating costs, poor infrastructure, limited market access, low productivity, skills gaps and slow digital adoption.

Also speaking, Lead Private Sector Development Specialist at the World Bank’s Nigeria Office, Ms Bertine Kamphuis, who was represented by the bank’s Division Director for Nigeria, Dr Mathew Verghis, said credit to Nigeria’s private sector remain inadequate.

She urged banks to channel more financing to sectors with the greatest potential to create jobs, particularly agriculture, manufacturing and MSMEs.

According to her, with between three and four million young Nigerians entering the labour market every year, expanding access to productive credit has become imperative.